Canada is evidently having a maple syrup shortage. Luckily, they planned ahead.
Amid shortages, Canada is tapping into its strategic reserves. This time, for maple syrup.
The Quebec Maple Syrup Producers, a leading trade group, said it is releasing roughly 50 million pounds from its strategic maple syrup reserves, almost half of the stockpile, Bloomberg first reported.
The government-supported organization, which is often called the OPEC of maple syrup, uses its reserves to control syrup prices and supply. As of 2020, Quebec produced 73% of all maple syrup in the world, and its biggest customer by far is the United States, which accounts for around 60% of Canada's export volume.